January 16, 2014 / 5:35 PM / 4 years ago

STXNEWS LATAM-Brazil's BNDES approves $4.2 bln for Sete Brasil

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Brazil's state-owned development bank, BNDES, said in a statement on Thursday it had approved 10 billion reais ($4.2 billion) of financing for Sete Brasil, a group of Brazilian banks and funds created to build deep-water rigs for state-run oil company Petroleo Brasileiro SA.

BNDESPar, BNDES' corporate holding company, will buy 1.2 billion reais in bonds convertible to Sete Brasil stock. The other 8.8 billion reais will be in loans. The financing will fund nine deepwater offshore drilling vessels, two of them semi-submersible platforms and seven drill ships.

All will be built in Brazilian shipyards and the first of the nine ships is expected to be delivered by sometime in 2016.

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